Triangle Petroleum Acquires Additional Bakken Acreage

Press release here.

• 9,350 net acres
• 1,150 boepd estimated current net production (86% operated)
• 7 - 9 spacing units
• all acreage contiguous to company's existing core acreage in McKenzie County, ND
• 6,200 net acres from a single seller
• 3,150 net acres from multiple seller
• 455 net acres converted to operated acres through trades
• increased company's core lease holdings to 45,000 net acres; current production 5,650 boepd
• proved reserves at 23 million boes
• increased inventory from 6 years to 8 - 12 years
• total cost: $104 million, 582 non-operated net acres, and, 325,000 shares of company stock ($2.34 million) or about $110 million total/9,350 acres = about $11,764/acre. (Yes, I know this does not include current production and with producing acreage, one can't just divide total cost by acres and assume one is comparing apples to apples, but this is not an investment site; this is a virtual coffee klatch. Nothing more, nothing less; see "welcome/disclaimer")